The FX Working Group (FXWG) has published a speech on developing a global code of conduct for the FX market. The FXWG was established by the BIS in May last year to strengthen code of conduct standards and principles in FX markets. In his speech, the FXWG chairman, Guy Debelle, makes the following comments: (i) the code is global and is intended to apply to all aspects of the wholesale FX market; (ii) one of the central aims is that the code will be principles-based rather than rules-based; (iii) the code is split into two parts, the first covering ethics, information sharing, execution (including mark-up) and confirmation, and settlement and the second topics such as governance, risk management and compliance, as well as further aspects of execution; and (iv)  the code will be voluntary.